Transaction banking is dead: Econet Wireless Founder Strive Masiyiwa

As the evolution of mobile banking continues to disrupt the financial services sector, the founder and executive chairman of privately held telecoms conglomerate Econet Wireless Group sounded the death knell for traditional transaction banking.

“The transactional side of banking is gone,” Strive Masiyiwa tells This Is Africa on the side of a Clinton Foundation forum in Marrakech, Morocco.

As telecoms providers innovate to put banking services in the palm of the hands of mobile phone users, the relationship with banks – who fear losing out on their traditional turf – has grown uneasy.

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